Gores files preliminary proxy statement for holder approval to liquidate in 2022

Gores Holdings VIII, announced that on December 5 , the Company filed a preliminary proxy statement to seek stockholder approval to adopt an amendment to its Amended and Restated Certificate of Incorporation to allow the Company to redeem all of its outstanding public shares and liquidate before December 31 , in advance of the automatic termination date in its current Charter of March 1. Following the termination of the Company’s Agreement and Plan of Merger with Footprint International Holdco, the Company believes that consummation of a suitable merger is highly improbable. Furthermore, because redemptions made after December 31 may be subject to a 1% excise tax included as part of the Inflation Reduction Act of 2022, it is in the best interest of the Company’s stockholders to return the cash in trust within calendar year 2022 rather than wait for expiration in 2023."We remain active in SPACs and continue to be committed to the SPAC product in the long-term," said Alec Gores, Chairman and CEO of The Gores Group. "The current market environment has informed our view that liquidating any imminently expiring vehicles and returning capital to our stockholders as soon as possible is the best course of action. We look forward to continuing to leverage the SPAC product to assist quality companies in raising capital and becoming publicly listed during 2023 and beyond."